Ann: Retraction of Scoping Study Announcement of 24 June 2014, page-13

The point being missed is the same one that has been discussed a lot on the graphite thread - to quote an old ad 'oils ain't oils'.

One JORC rule that applies to all metals does not allow for this & that is the crux of the situation here.

If Lamboo were relying on VTEM's & inferred extrapolations for Gold or Copper then I would agree & say the announcement is overly optimistic & potentially misleading. But it is Graphite & a lot of top geos & industrial metal experts agree with the way Lamboo have reached their resource conclusions.

There should be some flexibility in the rules for these type of metals or an amended set of rules. That is what Lamboo argued, GoSouth. That this is a graphitic schist & not a deceminated IOCG deposit, that the JORC rules should be applied differently & with an understanding of what metal footprint is actually being measured here but the ASX chose not to shift.

But it does not change the VTEM's or geological profile of the deposit & the confidence of the company & customers in the volume of Graphite that will be available at McIntosh.